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HMV may be rescued in a £50 million deal that will preserve 2,500 jobs, it has been reported.

Specialist restructuring firm Hilco is poised to sign an agreement securing the future of the music retail chain and ending fears it could disappear from high streets, Sky News reported.

It was announced in February that 66 of HMV's 220 shops would close. Credit: Press Assocation

The deal, which could be announced as early as tomorrow morning, will involve the company emerging from administration, backed by a new company incorporated in the UK, the report said.

Hilco will acquire about 130 HMV-branded stores, and all nine of the outlets which operate under the cut-price music brand Fopp, it added.

HMV called in administrators from Deloitte in January but hopes of a rescue deal were subsequently raised after Hilco bought the company's debt. No one from Deloitte was available to comment tonight. An HMV spokesman declined to comment.

HMV administrators Deloitte have confirmed another 37 stores will close "in the next four to six weeks in parallel with the 66 stores that are already subject to a closure programme."

We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period. All other key stakeholders including suppliers and landlords remain supportive and we appreciate their ongoing assistance.

The administrators of HMV have confirmed today that trading agreements are now in place with many of HMV's suppliers, meaning that major film, music and gaming releases will stay on sale in HMV shops over the next few weeks.

Nick Edwards, Joint Administrator, commented:

We are pleased that these agreements are now in place, allowing us to replenish stock and bring in new titles.

The support of suppliers over the past few weeks has been significant and these agreements demonstrate their ongoing commitment to supporting HMV.

Good progress has been made to date and we have received a positive level of interest in the business.

Discussions are progressing with a number of parties interested in both the business as a going concern and individual assets despite the high fixed cost base associated with a store network.